Russia Bitcoin Mining Ban, BitFuFu’s 80k ASIC Order, and a Rhodium Update
Latest Prices
- CoinDesk 20 Index: 2,975.88 +1.3% (powered by)
- Bitcoin (BTC): $92,456.36 +2.06%
- Ethereum (ETH): $3,144.77 +2.37%
- S&P 500: 5,893.62 +0.39%
- Gold: $2,636.70 +0.85%
- Nikkei 225: 38,414.43 +0.51%
Top Stories
Bitcoin (BTC) is trading around $92,000, just 2% below record prices ahead of Tuesday’s U.S. session. The largest cryptocurrency has advanced 2% over the past 24 hours, outperforming the 1.1% gain in the broad-market benchmark, the CoinDesk 20 Index.
Native Tokens Lead Gains Among Altcoins
- Chainlink (LINK): +4.23%
- Hedera (HBAR): +3.51%
- Uniswap (UNI): +3.24%
These gains are attributed to the anticipation of broader institutional adoption and less regulatory headwinds for crypto from a Trump administration.
QCP Expects BTC to Reach $100,000 in Coming Months
Crypto hedge fund QCP anticipates Bitcoin attempting a run to $100,000 in the coming months, with traders rotating those gains into altcoins. ‘We won’t be surprised to see altcoin season in full swing in the coming months,’ QCP said.
SOFA Warns of Near-Term Blow-Off Top
However, there’s a chance of a near-term blow-off top — a rapid drop following a rapid gain — as markets remain frothy, Augustine Fan, head of insights at SOFA, warned.
CoinDesk Bitcoin Price Index (XBX)
The CoinDesk Bitcoin Price Index (XBX) is a widely followed benchmark for the price of Bitcoin. It aggregates prices from various exchanges and sources to provide an accurate representation of the cryptocurrency’s value.
Bitcoin ETF Options Trading in U.S.
Options on BlackRock’s iShares Bitcoin Trust (IBIT) ETF cleared the last regulatory hurdle on Monday, and they could bring more institutional appetite for the largest cryptocurrency. ‘This marks a monumental shift,’ 10x Research said in a Tuesday newsletter. The products ‘could attract significant trading volumes, potentially driving sharp price rallies in bitcoin,’ it said.
For example, MicroStrategy (MSTR), the Nasdaq-listed company that owns the largest corporate BTC treasury in the world, is punching above its weight due to the booming market in its share options. MSTR options open interest surpasses the firm’s market capitalization, while the stock’s trading volume levels with Apple’s and Microsoft’s, companies with around a 40-times larger market value.
A similar explosion in open interest and trading volume could happen with BTC, which could be accelerated due to bitcoin’s supply limit, 10x Research noted.
Bitcoin Mining Economics Improve
Bitcoin mining economics improved in the first half of November, JPMorgan analysts said in a report. The hashprice, which measures miners’ profitability, rose nearly 30% in the first two weeks of the month as the BTC price climbed to record highs.
Rising profitability benefited the 14 U.S.-listed miners tracked by the bank, adding about $8 billion to their combined market capitalization. U.S.-based miners’ share of the network hashrate remains at record highs, accounting for about 28% of the global network.
Chart of the Day
- Daily active addresses on Solana (Artemis)
- Solana is well ahead of the pack, supporting the case for SOL outperformance ahead while Near Protocol is a distant second.
- Source: Artemis
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